In the Case of Thomas V

question 2

Multiple Choice

In the case of Thomas v. Lloyd , the court held:

• A) the use of land by a partnership is determinative of the fact that the land is owned by the partnership.
• B) whether real estate titled in the names of individual partners is partnership property is a question of fact, and the burden of proof is on the one alleging that the actual ownership does not match the names on the legal title.
• C) payment of real estate taxes out of partnership funds is determinative of the fact that the land is a partnership asset.
• D) payment of promissory note payments for the real estate out of partnership funds is determinative of the fact that the realty is a partnership asset.

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Definitions:

FIFO

FIFO stands for "First In, First Out," a method used in inventory management and accounting where the oldest inventory items are recorded as sold first.

Ending Inventory

The value of goods available for sale at the end of an accounting period, after accounting for all sales and purchases.

Market Value

The present cost for acquiring or selling an asset or service in an open market.

LIFO Inventory

An inventory valuation method that assumes the last items placed in inventory are the first sold.